Heat 2 tablespoon of butter in a 1 - 1 ½ quart (liter) saucepan.
Fry cashews and raisins until cashews turn light brown and raisins puff up. Remove from butter and keep aside. Alternatively, roast cashews and raisins separately.
Add sooji to the same pan and fry sooji until it is lightly roasted and begins to change color.
Reduce the flame and add water+milk to sooji stirring it constantly. It is vital to stir constantly to avoid lumps.
Increase the heat, stir, cover and cook on medium high heat for few minutes until sooji is almost cooked and liquid evaporates.
Once the sooji is cooked or almost cooked, add sugar, remaining butter and stir constantly.
Add cardamom powder. Add cashews and raisins keeping aside some for garnish and continue stirring.
Once the melted sugar evaporates and sheera starts coming off the sides of the pan, sheera is done.
Turn off the stove, serve hot or warm. Garnish with cashews and raisins.